S. Jaishankar defends India’s Russian oil imports amidst Russia-Ukraine war

Synopsis

India’s foreign minister Dr. S. Jaishankar, who was recently in Kyiv, Ukraine for an official visit, defended India’s position to continue imports of Russian oil in light of increasing pressure and sanctions from Western countries, stating that curtailing purchases of Russian oil will not stop the war in Ukraine and demanding that India’s position to be respected. In this article we’ll explore India’s recent position on the Russia-Ukraine war in view of mounting pressure from Western nations, especially the USA to starve Russia’s cash flow.

India’s stand on Russian imports

In a recent visit to Kyiv, S. Jaishankar reiterated India’s stance on importing oil from Russia. While responding to a question from a Polish Journalist, he explained how the Russia-Ukraine conflict, which is currently in its fifth year, will not end because someone not buying oil. It will end with diplomacy.

“This conflict, which is today in its fifth year, will not be solved because somebody is buying or not buying oil or alumina or minerals or metals or fertiliser. This conflict will be solved by dialogue, diplomacy, and negotiation," Jaishankar said after he met with Ukrainian Foreign Minister Andrii Sybiha.

While in a joint press conference between Indian and Polish diplomats, S. Jaishankar highlighted the difficulties in ensuring energy security for India’s 1.4 billion at a time when the world is undergoing a severe energy crisis. Moreover, he underlined the different perspectives of Ukraine and India on this situation and demanded India’s position to be respected.

Growing western pressure

While India remains the third-largest importer of Russian oil, the United States has approved legislation imposing sanctions or tariffs on countries that continue to buy Russia’s energy. Western nations, especially the U.S. and the UK, believe that choking Russia’s economic lifeline would starve its cash flow and force it to abandon the conflict.

Last month, a bipartisan bill was passed by the US senate authorizing the US president Donald Trump to impose sanctions and tariffs up to 100% on goods from countries that continue importing Russian oil and gas, including India and China, arguing that such trade finances Russia’s military operations in Ukraine. This comes as a recent development in western nations’ policy of economic isolation and starvation as a means to force Russia to stop its war in Ukraine.

India-Russia trade

In the background of growing pressure from western nations, Russia continues to remain India’s biggest supplier of crude oil with imports reaching record levels in June and July followed by a decline in August.

Before the conflict, Russian oil made up less than 0.2% of India’s imports of crude oil. However, after the conflict, while the western nations shunned Russian oil, India became the third largest buyer of Russian oil being offered at discounted rates. India purchases 88% of its crude oil from abroad with Russia accounting to 1/3rd of its supply.

Moreover, as the western nations cut off their ties with Russia and imposed severe sanctions, Russia’s economic dependance on Asian countries has also increased drastically including India and China. This has helped Russia maintain a steady volume of exports despite western pressure while helping India meet its security needs as the world grapples through an energy crisis.